Aug. 22, 2012
As previously announced
, Frisch's Restaurants, Inc. (NYSE MKT: FRS) declared a special one-time cash dividend of
per share payable on
September 14, 2012
, to shareholders of record on
, 2012. This dividend is taxable as an ordinary dividend and not as a return on capital.
For material special dividends, the rules of the New York Stock Exchange require the ex-dividend date to be one business day after the payment date. Accordingly, the ex-dividend date has been set for
Monday, September 17, 2012
. Shares of the Company's stock will trade with "due-bills" beginning
August 29, 2012
(two business days prior to the record date) through the
September 14, 2012
payment date. Shareholders who sell their shares before the payment date will not be entitled to receive the special cash dividend from the Company.
Due-bills obligate sellers (who were shareholders of record on
) to deliver the dividend to the buyer. The due-bill obligations are settled customarily between the brokers representing the buyers and sellers of the stock. Frisch's has no obligations for either the amount of the due-bill or the processing of the due-bill.
About Frisch's Restaurants, Inc.
Frisch's is a regional company that operates full service family-style restaurants under the name "Frisch's Big Boy." All Big Boy restaurants are currently located in various regions of
The Company owns the trademark "Frisch's" and has exclusive, irrevocable ownership of the rights to the "Big Boy" trademark, trade name and service marks in the states of
, and in most of
and Tennessee. All of the Frisch's Big Boy restaurants also offer "drive-thru" service. The Company also licenses Big Boy restaurants
to other operators, currently in certain parts of
Statements contained in this press release which are not historical facts are forward looking statements as that item is defined in the Private Securities Litigation Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the company's filings with the Securities and Exchange Commission.